Good Morning
On June 26, the foreign currency reserves held by the SBP were recorded at $11,231 million, up $1,270 million compared with $9,961.2 million in the previous week. IFC, a member of the World Bank Group, is making an equity investment of up to Rs 500 million (about $3.2 million) in Pakistan Mortgage Refinance Company Limited (PMRC), to catalyze affordable mortgage financing to help to address a critical gap in affordable housing. The government has marginally increased the profit rates of National Savings Schemes (NSS) have been revised w.e.f. 2. July, 2020 till further Notification. Oil & Gas Development Company Limited (OGDCL) being operator of Thal D&P.L with 100 percent working interest has started commercial production of gas from its exploratory wells Thal East-1 and Bhambhra-1, located in district Sukkur (Sindh).
Market View: The KSE100 Index gained 88.77 points during Thursday’s trading session. We expect the market to continue the bullish momentum on back of interest rate cut last week by State Bank of Pakistan.
Commodities:
Brent oil (USD/bbl): 42.90 (-0.58% D/D)
Crude oil (USD/bbl): 40.41 (-0.59% D/D)
Gold (USD/oz): 1,788.10 (-0.11% D/D)
Foreign exchange: SBP reserves rise $1.27b to $11.2b
KARACHI: The foreign exchange reserves held by the central bank increased 12.75% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
IFC making investment of $3.2m in PMRC
ISLAMABAD: IFC, a member of the World Bank Group, is making an equity investment of up to Rs 500 million (about $3.2 million) in Pakistan Mortgage Refinance Company Limited (PMRC), to catalyze affordable mortgage financing to help to address a critical gap in affordable housing.
Automation of tax refunds project: SBP seeks industry’s input
KARACHI: The State Bank of Pakistan (SBP) on Thursday held a meeting of Chambers of Commerce for input on automation of tax refunds project.
Govt decides against selling off PIA-owned hotel in New York, to run it through joint venture
The Cabinet Committee on Privatisation (CCoP) on Thursday decided against privatising the Roosevelt Hotel in New York, owned by the embattled Pakistan International Airlines (PIA), and to run it through a joint venture instead.
NSS profit rates marginally increased
ISLAMABAD: The government has marginally increased the profit rates of National Savings Schemes (NSS) have been revised w.e.f. 2. July, 2020 till further Notification.
Pakistan, US discuss investment ties
ISLAMABAD: Pakistan and the United States have discussed specific areas for the US investment in the country to strengthen its economy and enhance bilateral trade.
Thal East-1 and Bhambhra-1: OGDCL starts commercial production of gas
ISLAMABAD: Oil & Gas Development Company Limited (OGDCL) being operator of Thal D&P.L with 100 percent working interest has started commercial production of gas from its exploratory wells Thal East-1 and Bhambhra-1, located in district Sukkur (Sindh).
Ban on furnace oil import lifted to meet power demand
ISLAMABAD: The government has formally lifted a ban on import of furnace oil to meet peak electricity demand in the country, including Karachi, and asked at least seven oil companies to make arrangements for its import.
Auto industry seeks 2 years to switch over to Euro IV/V
ISLAMABAD: The country’s automotive industry has reportedly sought two years to switch over to Euro IV/ V fuel or exclude existing models under production in the country, sources close to Secretary Industries and Production told Business Recorder.
2020-21: Govt may not refund 17pc ST, exporters fear
KARACHI: Textile exporters are fearing that government in FY2020-21 would not be in a position to refunds of 17 percent sales tax to exporters as well as customs rebate, duty drawback as a huge amount of worth billions of rupees of exporters is still stuck up with the government which has not been released.
Pakistan can afford to run a deficit due to simpler external account, says Citibank EMEA head
KARACHI: Pakistan can afford to run a deficit as it has a ‘simple’ external account when compared to other emerging market countries, and is not reliant on inflows, according to Atiq Rehman, the head of EMEA (Europe, Middle East, and Africa) Emerging markets at Citibank.
International News
Oil demand to return to pre-pandemic levels by 2022, Goldman says, but unlikely to peak this decade
Analysts at Goldman Sachs expect global oil demand to return to pre-pandemic levels by 2022, citing a pick-up in commuting, a shift to private transportation and higher infrastructure spending.
Oil falls as growing coronavirus cases stoke fuel demand worries
Crude prices fell on Friday as the resurgence of the coronavirus globally and in the United States, the world’s largest oil consumer, dimmed the prospects of fuel demand recovery.
Gold subdued as solid U.S. jobs data lifts risk sentiment
Gold edged lower on Friday as strong U.S. jobs data lifted investors’ risk appetite, although losses were limited by surging global cases of the novel coronavirus and lingering trade tensions between the United States and China.
KASB Research
